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Equipped engr 245 lean launchpad stanford 2019

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business model, customer development, e245, engr245, lean launchpad, lean startup, stanford, startup, steve blank

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Equipped engr 245 lean launchpad stanford 2019

  1. Dan Mandelman Navjot Singh Alex Maschmedt Sam Parker David Guo Hustler MBA & BComm Hacker MS, BS ME Hustler LLM, JD, BA Designer MBA & BS ME Hacker BS CS Mentor: Freddy Dopfel Investor, Grishin Robotics 130 total interviews Then Now An app and vending machine to rent out sporting equipment and organize sporting leagues and events A network of smart lockers that lends recreational equipment exactly when and where people need it Advisor: Ray Mueller Former Mayor, Menlo Park Creating a new market
  2. Dan Mandelman Navjot Singh Alex Maschmedt Sam Parker David Guo Hustler MBA & BComm Hacker MS, BS ME Hustler LLM, JD, BA Designer MBA & BS ME Hacker BS CS Creating a new market Mentor: Freddy Dopfel Investor, Grishin Robotics 130 total interviews Then Now An app and vending machine to rent out sporting equipment and organize sporting leagues and events A network of smart lockers that lends recreational equipment exactly when and where people need it Advisor: Ray Mueller Former Mayor, Menlo Park
  3. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces
  4. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces Communal space owner/operators: parks, cities, counties, schools, etc. whose land we will be renting this equipment on
  5. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces Coordinating play among friends and strangers Community: make it significantly easier for people to play together Organizing leagues: group activities, coordinated play
  6. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces Part-time labor: maintenance, repairs Hardware: development, installation
  7. We started small Key activities Key Partners Customer Segment ...in parks... Connecting people, and lending sports gear... ...to end users Week 1Week 1
  8. We ran our 1st test by week 3 Lessons learned ● Location, location, location: our tests require parks with high density ● Real customers! 8 rentals, $19 (our first revenue!), 60% NPS ● Advertising: we need to be in a prominent location ● More inventory: we need more and different items to keep up with demand (sold out of footballs!) ● Validated willingness to pay; demand; people understand our idea Week 3Week 3
  9. Three Cal students who borrowed a football and later traded it for a soccer ball Customers gave us great feedback “This is super awesome - I hope to see you all out here more often!” Week 3Week 3 “Please keep doing this” Two cross-faded park-goers who borrowed a soccer ball from 2 hours
  10. We heard that coordinating pickup and league games was valuable “I’d like to play more - my schedule is flexible but unpredictable, so I can’t join leagues” Laki Triantafylidis, Lawyer, Boston Week 4 Rami Amir Healthcare Consultant, NY “I’ve tried to play more [sports]. It’s tough to get people together, and I only own a spikeball set.” Weeks 1-4 “It’s really frustrating when I can’t find people to play with” Brickelle Bro Stanford Paralympian
  11. Weeks 4-5 3,544 impressions 19 clicks 2 sign-ups CTR: 0.54% We ran an ad to test “community”; it failed, so we stopped pursuing it
  12. Interviews showed new customers: B2B “We sell our automated bike racks directly to businesses: we are B2B. We sold our first machine to a shopping centre based on CAD renderings, as a way to get more customers there - and then we had to find out how to build it!” Week 4 Kristjan Lind CEO,
  13. Interviews showed a bigger market than just parks & beaches: apartments “You guys should be talking to apartment complexes and campuses.” Freddy Dopfel, Mentor, investor Weeks 2-4
  14. Interviews showed a bigger market than just parks & beaches: campuses “We’ve thought about automating. There’s not really anyone out there offering that kind of service.” Rick Craig, Director of rec services Weeks 2-4
  15. Lending sports gear... ...to end users, and businesses as a managed service ...in all outdoor spaces… By week 4, we were now bigger Week 1Week 4Week 1Week 4 Key activities Key Partners Customer Segment ...in parks... ...to end users Connecting people, and lending sports gear...
  16. So we got out of the building again! ⬆ 13 Customers ⬆ $57 Revenue Non-sports equipment like blankets! Week 1Week 4Week 1Week 4
  17. Week 6 John Unkovic Head of Hardware We discovered a new business model “Our users love us, so we can charge the property owner, and the customer, too.”
  18. Charge the end user, too! Space Owner End User End User Sell the product as a managed service Offer the service as an amenity/perk Land Owner Provides the right to use the land Charges the end user for rental B2C B2B2C Week 6 Our split business model
  19. “Excellent businesses align public, private and social goods. That’s when resources really start to flow, and your customers become your best sales channels!” And learned the value of aligning our interests with our partners Founder & CEO Jens Molbak Week 6
  20. And learned about hardware challenges Kris Sandor General Manager Week 6 “Vandalism isn’t a big issue, but you still need to build for durability, to survive economically.”
  21. And to keep getting feedback “My co-founder and i still answer support tickets once a month. It’s important to stay in touch with what customers want.” Vijen Patel Co-Founder & CEO Week 8
  22. And that parks are about community “A trial sounds great...we’re looking for solutions that are good for the community and serve a need” Chris Beth Director, Parks and Rec Weeks 7-8 “Public private partnerships need to be a win-win-win” Executive Director Amy Aussieker
  23. And that apartments want us, too! “I love the idea! Anything we can do to improve the experience of our residents is valuable.” Gabi Franco SVP of Asset Management Week 9
  24. Space Owner End User End User Sell the unit as a managed service Offer the service as an amenity/perk Land Owner Provides the right to use the land (rent) Charges the end user for rental B2C B2B2C Charged the end user, too! Our split business model
  25. ...to end users, businesses, and charging their customers, too We’ve landed on a big vision, with a specific use case Lending sports gear... ...to end users, and businesses as a managed service ...in all outdoor spaces… Key activities Key Partners Customer Segment ...in parks... ...to end users Connecting people, and lending sports gear... Lending recreation items... ...in all shared spaces… Week 8
  26. Hardware could look like... Week 1Week 7
  27. Equipped Lending Station Custom locker designed to be modular, dynamic, and user-friendly Week 1Week 7 Customizable for any equipment Smart detection for rentals/returns Wifi hotspot for users Mobile app connection
  28. But for now it looks like this Smart locker from Alibaba, hacked with upgrades and software Durable, reliable construction Week 1Weeks 7-9 Different sized compartments for any equipment Mobile app connection Cost effective prototype
  29. App connects users to the lockers Uber-like location, easy reservation/rental; available on iOS, Android
  30. Expenses: 6 months $2,330 Servicing2 $100/month Comparable 3rd party contractors operating at scale Hardware cost1 $1,500 purchase price for 10-15 unit locker Alibaba Installation3 $200 Interviews with construction companies Rental revenue4 30 rental hours per week @ $3/hour = $90/week 1% conversion rate based on tests The unit economics look promising: 6-month hardware payback! Week 1Weeks 6-9 Revenue: 6 months $2,340
  31. 5 Monitored Beaches2 3,375 monitored beaches EPA Parks1 22,764 parks in top 100 US cities Trust for Public Land Colleges3 2,474 4-year college campuses InfoPlease Higher Education Multi-unit residences4 90,000 buildings with 50+ apartments National Multifamily Housing Council Week 1Weeks 4-9 K-12 schools 140,000 K-12 schools Quora CoremarketAdjacent + + + + Recreation TAM could be $1.3B+ ~$1.3B+ US market ~260K+ potential sites @ $5K revenue per machine (sold either B2C or B2B/2C)
  32. $25M business, 70% margins in 5 yrs; driven by number of lockers installed
  33. $25M business, 70% margins in 5 yrs; driven by number of lockers installed
  34. Teaching Team Advisors and TAs Cities Land operators Equipment Providers Thank you!
  35. Two Priorities: 1. Acquiring machines from Alibaba 2. Agreement to test/install them in the Bay Area Dan Mandelman Navjot Singh Alex Maschmedt Freddy Dopfel Ray Mueller CEO MBA & BComm Technical Lead MS, BS ME Partnerships Lead LLM, JD, BA Mentor Investor, Grishin Robotics Advisor Former Mayor, Menlo Park Description A network of smart lockers that seamlessly lends recreational equipment exactly when and where people need it

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